Financial Planning For Single Women
If you are a single woman, happily unmarried then enjoy your life. However, make sure that you do the proper financial planning so that you have a good lifestyle and also save for your retirement.
You have chosen to stay alone and around 35 you do not have dependent parents, children or a husband. You have seen the world, are well read and also make a good living working in a middle or top management role. You live well but there are a few things that you should look into so that you are able to maintain this lifestyle and also age well.
- Buy a medical insurance- You should get a health insurance policy before everything else. The amount of insurance coverage that you need is dependent on what your lifestyle is like. It should offer a critical illness cover as well.
- Emergency fund – Keep at least six months of your expenses aside in the form of an emergency fund. You need to invest in a fund that is flexible and liquid. This is required in case there are any issues with your employer and you need to quit work. This could also come handy in case you want to take a break from your career. Save through this trading software.
- Buy a home – Buying a home for yourself is a good idea so you have a roof over yourself. However, ensure that you calculate the value of your home properly because this is a long-term Do not take a major liability and calculate your EMI’s judiciously
- You should also save into other financial instruments to meet your goals. There are a number of debt funds and monthly income plans. If your area financially savvy person then you could go for some complicated instruments. Else try to keep your savings simple.
- Retirement fund – Retirement planning is very important because you have no one to look up to in your old age. You could save in the retirement funds offered by the government. You could also start to save towards a pension A reverse mortgage is a great way to pay for yourself when you retire but this cannot be substituted with a retirement fund.
- Will- Even if you are single, ensure that you have a The nominee could be afar off a relative or someone close to you.
In case later in life you finally decide to marry and settle down then you would need to look through your financial planning. But if not then ensure that you take care to include all the above points and save towards them.